Halifax reward

zebbydog

I have a Halifax reward current acc, where I receive a monthly £5 reward if I keep the balnce above 1k and pay in at least 1k per month. However after recent redundancy/early retirement,I find that my payments in will amount to about £950 per month. To keep the monthly £5 reward would it be ok to just say draw £50 from the ATM, go to the counter and pay back in or would the shortfall have to come from a different account or bank.

YorkshireBoy

You don't need to keep your balance above £1K (might be an idea to re-familiarise yourself with the rest of the account T&Cs so you don't come unstuck?).

It's only necessary to pay in a total of £1K per calendar month, and that can be 1 x £1,000 or 1,000 x £1, so yes you can do as you plan and still get the £5 reward.

zebbydog

Thanks for that. But was just wondering if the shortfall had to come from a different acc. Not too bothered about the total balance as I dont envisage this to fall below 1k.

Newly_retired

Why aim to keep a balance of £1000 when that money could be getting a better rate of interest for you elsewhere? You just need to transfer £1000 in total each month into the account to get the £5, and move it out to somewhere better if you are not spending it.

zebbydog

Was thinking about opening an acc with Egg for the surplus, 3.25% at the mo I think. But was thinking of keeping the reward current acc for bills etc. Also If the reward gives me £60 interest per year on 1k, then isnt that a good rate at the moment?

Newly_retired

Yes, but you get your £60 just for putting £1k in each month, without needing to keep it there as a balance. So you could get even more interest by putting any surplus into egg at 3.25%, and/or it is easy to put some into Halifax Regular Saver ( up to £500 max per month at 5%)

zebbydog

Ok, At the moment I have 6k surplus in the reward acc. So rather than move it to egg, I would be better off paying this monthly into the Halifax saver?

KTF

You would be better to put that in Egg and then use it to feed the Halifax Regular Saver